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Thursday, July 9, 2015

Market Summary -- 9th Jul 15

FTSE STI closed 3,267.40, down 17.59 points or -0.54% with a total volume of 1.27b and a total value of S$1.20b. Total number of advance vs decline was 217 vs 209. Of the 30 component index stocks, 8 closed positive, 3 unchanged and 19 in the red. The top 5 gainer component stocks were :-

US markets fell more than 1% yesterday and Asian bourses mostly managed to rebound from yesterday selling off with Nikkei +0.60%, SSE +5.79% and HSI +3.73%. STI however failed to rebound closing -0.54% in typical volume and value with only 8 of the 30 index stocks posted gain.

A glitch in US markets resulted in trading halt, uncertainty of Greece crisis and fear of China stock markets allowed US markets to fall more than 1%. According to news, Greek Government has submitted a new proposal and now awaiting for EU leaders to discuss on it on this Sunday Summit to determine whether a bailout package will be released. With the Chinese Government continued to roll out measures to support the falling market, both SSE and HSI managed to rebound from yesterday sharp fall. While it might be too early to say China market has bottomed, the chance of it bottoming out within the next few weeks is there. An economic data for the day was China inflation which edged up to 1.4% in June, beating expectation.

STI failed to keep pace with regional market closed in the red weighed down by banking stocks as most preferred to sideline and wait for the outcome of Greece saga and waiting for China market to stabilize. Lookout for bargain hunt opportunity !